Plaza Supports Affordable Housing!
We’ve seen many changes even in a tough market to help make affordable housing more achievable.
Here are various affordable housing options that are available with Plaza Home Mortgage®:
- Conventional LLPA’s are waived for borrowers under the 100% Area Median Income limits on the following duty to serve loans:
- First Time Home Buyers (also goes up to 120% in High-Cost Areas)
- Manufactured Homes
- Freddie Mac CHOICERenovation®
- This does not apply to the loan amount or state adjustments
- AMI waivers are automated in Plaza’s LINQ loan acquisition system for Best Effort and Bulk loans
- Plaza’s National Correspondent Division can allow delegated lenders to utilize prior approvals for manufactured homes and renovation programs
- Plaza allows Down Payment Assistance from most Government and Non-Profit entities
- Affordable Seconds up to 105% CLTV on Conventional loans
- Many DPA’s have no maximum CLTV on FHA loans
- Plaza can purchase manufactured homes with the following:
- Credit scores of 550 and up up on FHA and VA, 600 on USDA, and Per DU and LPA on agency
- Purchase or rate/term refinance
- Standard conforming balance loan amounts
- A home classified as Real Property
- Single or multi-wide
- Borrowers can get homeownership assistance through federal tax credits granted by the state or municipality based on the size of mortgage interest paid on the loan taken.
- Must be first-time homebuyers to be eligible
- Can be used as qualifying income (MCC amount divided by 12 months)
- It is typically a credit worth 20% of interest paid, up to $2000/year.
Here is a sample MCC calculation:
$150,000 (mortgage amount) x 4 percent (mortgage interest rate) x 20 percent (MCC percentage) = $1,200 (eligible credit amount)
- Learn more on state eligibility for this program through the State Housing Finance Agencies (HFA)
- Open the door to low- and moderate-income borrowers through Fannie Mae® HomeReady® and Freddie Mac Home Possible® program options:
- No first-time homebuyer requirement
- Offers borrowers a mortgage option with only a 3% down payment
- Super Conforming loan amounts available
- Works for borrowers who need different down payment options, or require flexibility with their income sources
- Reduced Ml compared to standard programs for LTVs > 90%
We are here to help you with the tools and resources to help scale your business effectively.
Get with your Account Executive or email hereforyou@plazahomemortgage.com to learn more about how Plaza can help support your business.
